When it comes to estate distribution, there is a definite difference between being missing and being known to be dead. Distributing the assets of someone who is missing isn’t as simple as just initiating probate. It’s a path that can take years to complete. It’s difficult enough to deal with a missing loved one and not having access to their assets can make the loss even more devastating. That’s why we’re here to show you how to get their assets disbursed.
Getting Legal Classification
Someone’s assets can’t be disbursed unless they are legally classified as dead. In the state of New York, three years must pass from when someone disappeared before their family can get them this classification. That means three years without access to assets that may be intended to pay for vital expenses for heirs. Luckily, there is an exception to this rule that may help in certain circumstances. If family members can produce evidence that the missing person is dead, most frequently that they were in an accident where survival isn’t plausible, they can acquire this classification without having to wait. However it’s accomplished, getting the missing person declared deceased isn’t the only step on the way to disbursement of assets.
Next Steps
The missing person must be informed before their estate is distributed. If that sounds impossible, then fear not, simply making this information public is enough to satisfy this requirement. Furthermore, there must be a system in place for the assets to be returned should the person turn out to be alive. Once these safeguards are in place, probate can finally begin and heirs are on their way to getting the money they need.
This is uncommon, complicated legal ground that many attorneys may struggle with. Succeeding in cases where someone is missing requires a level of finesse and aptitude that only the best lawyers possess. That’s why if someone you love is missing you need to contact Morgan Legal Group. We can guide you through your options and help you every step of the way. Get in touch now and find out what we can do for you.
